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Turkey targets $30bn trade with Saudi Arabia

Turkish President Tayyip Erdoğan met Saudi Arabia's Crown Prince Mohammed bin Salman in Jeddah last year SPA/Reuters
Turkish President Tayyip Erdoğan met Saudi Arabia's Crown Prince Mohammed bin Salman in Jeddah last year

Turkey intends to increase its trade volume with Saudi Arabia to $30 billion, according to a local media report.

Bilateral trade between the two countries reached $6.8 billion in 2023, with investments from Saudi companies making up $2 billion of the total, Daily Sabah reported, citing Turkey’s vice president Cevdet Yılmaz.

“We believe investments can increase easily through more frequent events that can bring together our countries’ business worlds,” said Yilmaz.

Yılmaz said that Ankara offers attractive opportunities for investors in various sectors, including technology, defence, renewable energy, petrochemicals, finance, tourism, and housing, as part of its commitment to international investments.

Turkey registered exports of $256 billion last year, hitting an all-time high despite the impact of the devastating earthquakes in early 2023.

Following his election as president last July, Recep Tayyip Erdoğan visited Saudi Arabia, the UAE and Qatar as part of his GCC tour. During these visits, 18 agreements were signed in several sectors and a $51 billion pact was struck with the UAE.

Last month, Turkish transport and infrastructure minister Abdulkadir Uraloglu said that the UAE and Qatar are considering joining the mega Development Road project, which will link southern Iraq to Turkey. 

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